LONG-TERM DEBT AND FINANCING ARRANGEMENTS (Tables)

12 Months Ended

Dec. 31, 2019

LONG-TERM DEBT AND FINANCING ARRANGEMENTS


	December 31		December 31
	2019		2018
	(in thousands)
Credit Facility (interest rate of 2.9%⁽¹⁾ at December 31, 2019)	$	70,000	$	70,000
Accounts receivable securitization borrowings (interest rate of 2.6% at December 31, 2019)		40,000		40,000
Notes payable (weighted-average interest rate of 3.3% at December 31, 2019)		213,504		181,409
Finance lease obligations (weighted-average interest rate of 3.3% at December 31, 2019)		15		266
		323,519		291,675
Less current portion		57,305		54,075
Long-term debt, less current portion	$	266,214	$	237,600

(1)

The interest rate swap mitigates interest rate risk by effectively converting $50.0 million of borrowings under the Credit Facility from variable-rate interest to fixed-rate interest with a per annum rate of 2.98% and 3.10% based on the margin of the Credit Facility as of December 31, 2019 and 2018, respectively.

Scheduled maturities of long-term debt obligations

Scheduled maturities of long-term debt obligations as of December 31, 2019 were as follows:


					Accounts
					Receivable
			Credit		Securitization		Notes		Finance Lease
	Total		Facility⁽¹⁾		Program⁽¹⁾		Payable		Obligations
	(in thousands)
2020	$	66,398	$	1,947	$	1,021	$	63,423	$	7
2021		102,230		1,845		40,719		59,659		7
2022		52,850		1,885		—		50,964		1
2023		37,030		1,966		—		35,064		—
2024		90,084		71,515		—		18,569		—
Thereafter		203		—		—		203		—
Total payments		348,795		79,158		41,740		227,882		15
Less amounts representing interest		25,276		9,158		1,740		14,378		—
Long-term debt	$	323,519	$	70,000	$	40,000	$	213,504	$	15

(1)	The future interest payments included in the scheduled maturities due are calculated using variable interest rates based on the LIBOR swap curve, plus the anticipated applicable margin.

Assets securing notes payable or held under finance leases at December 31 were included in property, plant and equipment as follows:


	2019		2018
	(in thousands)
Revenue equipment	$	265,315	$	264,396
Land and structures (service centers)		—		1,794
Software		2,140		1,484
Service, office, and other equipment		26,344		5,941
Total assets securing notes payable or held under finance leases		293,799		273,615
Less accumulated depreciation and amortization⁽¹⁾		71,405		79,961
Net assets securing notes payable or held under finance leases	$	222,394	$	193,654

(1)	Amortization of assets held under finance leases and depreciation of assets securing notes payable are included in depreciation expense.

Schedule of assets securing notes payable or held under capital leases